Halozyme Therapeutics Reports 34% Revenue Growth and Significant Profitability in Q3 2024

Halozyme Therapeutics, Inc. reported significant financial growth in its third quarter and year-to-date results for 2024, driven by increased revenues and profitability. For the three months ended September 30, 2024, the company achieved total revenues of $290.1 million, a 34.3% increase from $216.0 million in the same period of 2023. This growth was primarily fueled by a substantial rise in royalties, which reached $155.1 million, up from $114.4 million, and a notable increase in revenues from collaborative agreements, which surged to $48.4 million from $15.0 million.

Operating income for the third quarter was reported at $163.2 million, compared to $88.3 million in the prior year, while net income rose to $137.0 million from $81.8 million, reflecting a 67.5% year-over-year increase. Basic earnings per share improved to $1.08 from $0.62, and diluted earnings per share increased to $1.05 from $0.61.

For the nine months ended September 30, 2024, total revenues amounted to $717.3 million, up from $599.2 million in the same period of 2023. Net income for this period also saw a significant increase, reaching $307.1 million compared to $196.2 million in the previous year.

The company’s total assets grew to $2.1 billion as of September 30, 2024, up from $1.7 billion at the end of 2023, with total stockholders’ equity increasing to $452.7 million from $83.8 million. Cash and cash equivalents rose to $154.3 million, alongside a substantial increase in marketable securities, which reached $512.0 million compared to $217.6 million at the end of 2023.

Strategically, Halozyme has been active in expanding its collaborations with major biopharmaceutical companies, including Roche, Takeda, and Janssen. Recent developments include the initiation of multiple studies for products utilizing the ENHANZE® technology, which enhances subcutaneous drug delivery. Notably, argenx expanded its collaboration with Halozyme, receiving $30 million for additional target nominations, and Roche received FDA approval for several products utilizing ENHANZE technology.

The company also completed a capital return program in June 2024, repurchasing 19.1 million shares at an average price of $39.31, and authorized a new program to repurchase up to $750 million of outstanding common stock in February 2024. As of September 30, 2024, Halozyme maintained compliance with all covenants and reported no material adverse changes in its business or financial condition.